How Are Jeanerette, LA Auto Loan Rates Determined?
Various factors influence your Louisiana auto loan interest rate, including your credit score, the amount of the loan, your income, the age of the car, the down payment, and your loan's term (the length of the loan). A high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Jeanerette dealership might lead to a higher interest rate. But is a high interest rate so bad? The higher your interest rate gets, the higher your monthly bill is and the more you spend in total. A difference of just one or two percent could mean you spend hundreds more on interest.
How Do I Lower My Auto Loan Rate in Jeanerette, LA?
You can use tools like our Interest Rate Estimator to get a feel for what your rate might look like before you begin applying for auto loans in Jeanerette, LA. If you've filled out your information and aren't liking the percentage you see, how can you lower?
The loan term is one element you have a lot of control over. Most car loans in Jeanerette are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Longer terms will tempt many borrowers because they usually have a lower monthly payment. However, a longer term also tends to come with a higher interest rate. If you can handle a higher monthly payment, it's better to choose a shorter term. The Auto Payment Calculator shows what your monthly payments might look like with different interest rates and terms to help you decide what might be affordable.
If your credit is far from great, raising your score could help lower your interest rate. Our Guide to Better Credit for Auto Financing walks you through what determines your credit score and how you can quickly bring it up. Your credit score will take some effort and time to build, but it'll be worth it once you see those lower Louisiana auto loan rates.
Taking some time to find the right lender can also help you get a lower rate. While lenders take the same information into consideration, you won't receive the same interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in Jeanerette, LA — even without a high income or credit score. You shouldn't go with the first offer you receive because there could be a better one right around the corner. Keep in mind some lenders are open to negotiation, so you can take your offer from one lender to another to see if they're willing to give an even lower rate.
Find the Best Auto Loan Rates in Jeanerette, LA with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Jeanerette, LA no matter your credit score or the type of car you're buying. You can look at up to four loans at once so you can find the best deal. Simply complete our secure online application, pick the loan that works best for you, and head down to a dealer in Jeanerette to purchase a new ride. Apply today to see the current lowest interest rates!